NAB Launches Its Own Stablecoin, AUDN, In Response To ANZ Bank’s Move

NAB created its stablecoin, called the AUDN, after seeing ANZ Bank’s similar offering in the market.

The central bank in the nation made the decision, according to AFR, so that its corporate clients may take advantage of the digital economy. The stablecoin is based on Ethereum and has a 1:1 relationship with the Australian dollar (AUD).

Financial Institutions Advancing The Adoption Of Stablecoins

As per the report, NAB is set to launch its stablecoin in the middle of the year. This will enable users to transfer funds internationally and trade carbon credits. Real-time blockchain processing and settling in AUD. In addition, the region’s first bank to introduce a stablecoin linked to the Australian dollar was ANZ in March.

Moreover, Australia is developing stablecoin legislation in the meantime. According to the local article, NAB, and ANZ closely work with financial regulators.

@NAB has become the second bank to create a stablecoin (#AUDN) allowing customers to settle transactions in real-time on blockchain technology using Australian dollars.

Additionally, the country tightened its cryptocurrency restrictions by instituting token mapping last year. After China launched its digital yuan, the authorities prioritized stablecoin laws.

Australia Increasing Oversight On Various Industries

Previously, the Commonwealth Bank of Australia admitted that there are legal obstacles to making fresh cryptocurrency offers to regular investors. Furthermore, This suggested that the regulator are restricting retail access to the class of digital assets.

In addition, ASIC sued for unlicensed crypto services and Qoin Crypto for deceiving 80,000 users in December.

Furthermore,tThe collapse of FTX also affected the Australian cryptocurrency market. FTX owes $33 million to the now-defunct Australian crypto exchange Digital Surge, according to information published by The Guardian in December.

Related Reading | Shiba Inu (SHIB) Rose 31% In A Week

According to the Sydney Morning Herald, NAB asserted that it has no links with, connections to, or exposure to FTX. The report did point out that it was fully secured by deposit for a rental guarantee bond obtained through a company that FTX locally purchased in 2021.

Comments (No)

Leave a Reply